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European Solidarity - "Everybody Knows The Spanish Are Lying About The Figures”
Back in October, when Greece was rewarded with further bond haircuts for progressively missing its economic targets, even after having gotten caught on at least one occasion making its economy appear worse than it was, we said that it is only a matter of time before "Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece." In the aftermath of this statement, we got the Irish and the Portuguese proceeding to slowly but surely do just that. Today, it was Spain's turn to make it 3 out of 4 after as Reuters noted so appropriately, "Spain defies Brussels on deficit target" clarifying that "Spain set itself a softer budget target for 2012 on Friday than originally agreed under the euro zone's austerity drive, putting a question mark over the credibility of the European Union's new fiscal pact. Prime Minister Mariano Rajoy insisted he was acting within EU guidelines because the plan was still to hit the European Union public deficit goal of 3 percent of gross domestic product (GDP) in 2013." That Italy is sure to follow is absolutely guaranteed, however just because the ECB is now indirectly monetizing BTPs the true impact will be delayed far more, and instead of taking prompt steps to remedy the situation, the European complacency will be accentuated by the fact that bond yields are very low, and supposedly indicates the true state of the economy. No. All it indicates is the conversion of future inflation (courtesy of €1 trillion in new money in the past 3 months) for a very temporary respite before all hell ultimately breaks loose as countries pretend everything is ok as bond yields are pushed artificially low. And in doing nothing, the fundamentals in the economy only get worse and worse. Germany knows this very well, and the Economist explains the reaction to Spain's surprising statement today perfectly...
A novice in European summits, Mr Rajoy has been playing a strange game. He was careful not to discuss specific figures with fellow leaders. But as soon as he emerged from the summit he declared that Spain’s deficit this year would be 5.8%, rather than the agreed target ratio of 4.4%. He insisted, though, that Spain would still fall below the 3% deficit limit in 2013, as planned.
Germany, moreover, seems to be in an intolerant mood. There is irritation that the Spanish government is delaying its budget pending regional elections in Andalusia that Mr Rajoy's party hopes to win, and suspicion that it is inflating last year's deficit figures to blame its Socialist predecessor. The commission says it wants to double-check the numbers. But a senior source in Berlin puts it more bluntly: “Everybody knows the Spanish are lying about the figures.”
Funny. And yet the people are supposed to believe in the mumbo jumbo that is Europe's fiscal pact, or frankly anything else? Perhaps the senior source in Berlin should have just stepped up and told the outright truth: "Everybody knows that everyone in Europe is lying about everything."
And therein lies the rub. Because with nobody having any real clue what state the real global economy is in, and everyone knows it is far worse than represented yet central banks throwing gobs of liquidity in an attempt to mask a problem that stems precisely by the kind of inaction that this kind of intervention perpetuates, we can guarantee that the next time around we have adverse statements about the various European economies, it will not be a lie, but an understatement.
And just then, when the reality catches up with myth once again and sovereign risks explode one more time, we get all central banks activate the same rinse-repeat spin cycle of excess liquidity that does nothing to fix the underlying insovlency problems, whose short-term liquidity fixes are getting progressively shorter and shorter. Alas this cycle of self-delusion and reality will continue, with ever wider swings in amplitude until the N+1 injection is so big that the floodgates finally open and wheelbarrows are the most desired object on earth.
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"It's lies. it's all lies." Mother Bates, Psycho
at least Mother Bates got to the point
these cretins will windbag and re-arrange the deckchairs until the end of time if allowed.. anything but face the cull
Meanwhile, GM announces production of Volt will be suspended.
Apparently, the introduction of the iCar (alongside the new iPad eXtreme) next week has already taken its first casualty.
The Poelsi Mobile Obamanation by Government Motors
Hey, they was gunna sell sum furty thosund of them suckers, weren't they? If they don't keep a makin' 'em till I's back on mys feets, I'll never gets a chance ta buy one. 'Less they take my SNAP thingies.
Gas way too cheap. Federal reserve will take the appropriate measures.
Speaking of bunga, we have a friend in Italy who says things are BAD over there. Lot sof fear. Lots of lies.
"Que Sera, Sera,
Whatever will be, will be,
The future's not ours, to see
It's Goldman's pendejos,
Que Sera, Sera....."
Repeat with Chorus..........
Look at what will soon be here, true as it maybe there are a lot of tax evaders all over the world. When countries get pushed to the limits, look out. I believe in paying my "fair share", if not, then we would be a 3rd world country. Lets make it "fair", I would like the option of a flat tax rate, and not have to go through this "Bullshit" every year to do my tax return. I want to pay it and be done, then I know I'm done, and our Government knows how much they have to "spend". Hell they could almost do away with 3/4 of the IRS.
Anyway, here is a short read on Spanish tax evaders. It will be coming this way next.
http://www.typicallyspanish.com/news/publish/article_33913.shtml
ok, ok, so in Europe a lot of Europeans are waking up to the fact that the other one is lying... hmmm... sorry, the funny thing is that we know since long that they were lying.
what made a kink and a stink is that nobody knew how much more Greece was lying, and for that they needed expert help from the Squid. And I remember how then there was this question if the Squid cooked the books of other Southerners in this extreme way, too.
I think this point has really not sunk in - they lied big, professionally and well and it flew under the radar.
but lying - in moderation - is normal for all human organizations, hell, it's even normal - again, in moderation - for a couple (the smallest organization)
look up for example since how long we were employing satellites to count on olive tree and other statistics that were in danger to be fudged too much.
Thankfully both the USA and China are not organized in Solidarity Clubs of democratic Sovereigns each suspicious of the complete honesty of the others and each with the own intelligence assets to check on the others. So I can safely assume that both are lying in even stricter moderation than the Europeans, probably only by the fifth figure after the comma.
You're sure you won't have a sandwich? http://www.youtube.com/watch?v=iS6chrslAfo
It all makes sense, again: http://www.armadamarkets.com/2012/03/it-was-volatile-week-on-currency-markets/
Why wouldn't they given how Greece got slammed in the ass...
Juncker: You Spaniards lie like Greeks.
Zapetero: Whatcha whatch chew mean to be sayingk, becausea we not bees a like a de Greeeks. Wel tella da truth.
Papademos: Who da fucka you callin a lyin Grek, eh? I puncha you ina a da mouth you fucking Kraut.
Juncker: I'm not a Kraut, I am a proud Luxembourgese, you man of small penis parts and...
Barossofats (his nickmane): Gentlemen, gentlemen, let us calm down and reconsider our focus, after all Portugal, who is not represented here at this moment, has over 385 tonnes of gold. Why do we bother with other such sundries?
A rousing cheer by all: Portugal it Is!!!!!
Curtain
FIN
(Ode to Joy in background)
Who the fuck do these people think is gonna be the last man standing?
Idiocy on the High Seas!
Beautifully put, Tyler.
Wait, so this is bullish for Apple, right?
more relevant plays, this is bearish banking, PIIGS and lipstick
Lipps Inc - Funky Town (1980)
http://www.youtube.com/watch?v=5CImrIKNmBo (3:47)
Trouble in river city, Brother
Dublin or Paris?
They don't have marching bands who play trombones in Dublin or Paris. Milestones
An organized group of liars is way more effective at getting what they want then a much larger group of diverse, self-centered bunch of even the most intelligent people.
If people don't like "the game" or "the system" they need to simply stop playing and let spain feed nd fend for itself.
Same as it ever was.
You mean the Spaniards are the new Greeks?
During the tech boom, it was all the rage to be the geeks. Now it is greeks. We are all greeks now
Beware Greeks bearing amyl nitrite
We have been greeked.
No. Their olives are better although they're using poisonous chemicals to extract the oil from time to time. Their tapas are tastier than the sad wine leaves from greece and their islands are mostly inhabited by Brits (ok, that might be a disadvantage).
You have to ask - what are all these people buying a little desperate time in hopes OF? Is there something they are hoping will happen? Or are trying to make happen?
Are they just blindly flinging around magic money, or do they actually hope to accomplish something specific with their 'liquidity'? If so, what?
Or are they simply insane? Is that it? Nothing more complicated?
They are buying some precious time until their innovative and resilient economies can resume a trajectory of strong growth bolstered by low taxes and the unquenchable European spirit of hard work and entreprenuership...
on second thought, yeah maybe they are insane...
Insane.
Definitely batshit fucking insane.
definition of sanity: Clarity of thought.
QED
I've wondered about that. One of my father's favorites:
When you are up to your ass in aligators, it's hard to remember that your original objective was to drain the swamp.
Never ending lies, cons, stealing,deceit,controlling world governments. The world should make a quick flip. The good stay, the rest fly into space. Whoops.. That would just about empty this world..
Alas this cycle of self-delusion and reality will continue, with ever wider swings in amplitude until the N+1 injection is so big that the floodgates finally open and wheelbarrows are the most desired object on earth.
As I said yesterday, "Long wheelbarrows, short wallets."
Other than that...silver (bitchez).
Nah that wont happen, you could inflate several hundred % and that would get most of it straight, at least funtioning again
The lies being told in Europe are as nothing compared to the lies being told in Zionist Ponzified America. At least the Euro isn't being propped up by the carrier battle group-enforced "reserve currency status" of the dollar. When that first Iranian missile hits the first US warship, we go to hyperinflation w/in a matter of hours.
Maybe after the productive capacity of Iran is smoldering ten minutes later perhaps.
Seriously though a war game was completed where this scenario was executed. It devastated the Navy. That was ten years ago though, countermeasures are now implemented to reduce the effectiveness of this barrage.
But nothing is going to happen, this is all game theory, the Iranians know they are whacking at a bees nest, regardless on how righteous their cause is.
Iran's "cause" isn't any more "righteous" than ours. It's all a power struggle. Life=War. And this particular war is massively overdetermined and now on a short countdown.
No way, why?
Oil- the central global commodity - spikes and sticks at c. $300/barrel...maybe worse. Most other commodity futures and prices quickly follow, esp. food. Grocery stores and banks get run as dollar collapses. Historically, the transition from inflation (real: 10%, right now) to hyperinflation goes very, very fast. Now, thanks to digitification of finance, it will go at lightspeed.
Nah, price controls, rationing and of course shooting black marketers in the public square will help too..
Tyler wrote,
Fiat is not money, it is currency.
and the difference between money and currency is??
i've got my electron microscope out to study the answer!
Fiat currency does not store wealth.
"and the difference between money and currency is??"
No underlying counterparty risk required?
My ex-wife lied about her figure for years, too. What's the big deal?
depends on how much money she's into you for and how chilled you are about not getting a Cent back if divorced
"No. All it indicates is the conversion of future inflation (courtesy of €1 trillion in new money in the past 3 months) for a very temporary respite before all hell ultimately breaks loose as countries pretend everything is ok as bond yields are pushed artificially low. And in doing nothing, the fundamentals in the economy only get worse and worse"
Is this not what the US did? Are the US fundamentals not improving? Maybe Europe gets 4 years or so of reprieve. Maybe they start twisting data around after that like we could be doing? Maybe they get a few more years...It goes on and on.
Easy,steal as much fiat as possible, and back out.( make sure all Au reserves are moved clandestinely),or you will lose it, just like Greece.
The key is steal as much as you can, renig on the deals, and keep your Soverignty.
This is ALL the bailouts are about, taking over the worlds Soverigns........................
The TD's have been saying this since the first whisper of Greece financial troubles. Give it to one and they all want.
The collapse still happens just as they stated it would .
OT: Italy votes to turn banks into utilities...well kind of: http://it.finance.yahoo.com/blog/dietrolanotizia/banche-dopo-l-incasso-%C3%A8-il-momento-della-120649164.html?nc
I have set myself a softer budget target, too!
You can carry a lot of digital dollars in a wheelbarrow. Nimrods.
those spanish figures
http://www.youtube.com/watch?v=DZSIz0GW1oM
Neil Young Everybody Knows This Is Nowhere
.
‘Global finance: The Shylock model’
found on max ....
Published: 01 March, 2012,
http://rt.com/news/global-finance-shylock-model-605/
.
.."I’ll have my Bond!
When Shylock the Usurer got ready to cut a pound of flesh nearest Antonio’s heart, he parrots time and again, “I’ll have my bond!” waving his legal contract, formally enforceable under the laws of Venice.
One will never understand a Usurer’s mindset if you believe that Shylock loaned the money to Antonio in order to get it back. Oh, no!! Shylock was betting on NOT getting it back!!
You see, rich, sovereign creditors who cannot pay back loans are music to bankers’ ears! What good is a sovereign creditor who CAN and will actually pay back a loan? That undermines the very essence of usury! It thwarts parasitism forcing usurer bankers to have to work to find new victims to loan all that money to…
Jesus! Do you expect a banker to work!?!? Banker Business thrives on refinancing debt, rolling it over year after year, exponentially ballooning it through compound interest…
When a country can’t pay its debts, then our modern Shylock Banksters demand their “pound of flesh”: full control of the country turning it into a Financial Colony of the Global Power Masters, who impose their Trilateral Commission brethren in key positions of power: Papademos, Monti, Cavallo, Geithner…
It was never Shylock’s goal to recover his 3.000 Ducats. No, Sir! He only wanted his pound of flesh. The loan and the bond were just the mechanism to get to that flesh. Shylock’s Model was to legally indebt Antonio under the laws of Venice, so that those laws would then enforce his immoral outrage of executing the collateral: a pound of flesh.
Bankers’ Worst Nightmare!
What’s the worst thing that could happen to Goldman Sachs, JP Morgan, Rockefeller, and Rothschild who manage the Shylock Model? If any sovereign country – Argentina, Greece, Spain, Brazil, Italy – were to turn around and say: “Hey! How much did you say I owed you? 200 billion? No sweat! Come pick up your check Monday morning…” " ...
...
Yes because only NATIONALISM can stand up to the Anglo-American Money Machine. It is Anglo-American institutions which have become unhinged from reality and taken over the political system with Globalisation. The other cultures tried to copy but Deutsche Bank had to buy Anglo-American business units to compete - its culture prevented it from growing them. It is the degeneracy of the Anglo-American model that made this Glass Bead Game possible - and it is NATIONALISM that is its counterpoint where everyone belongs regardless of income and wealth
nations that issue their own currency, create their own
budgets, express the will of their own people; they can
just write the check, write the laws that preserve their
cultures and end this global collateralized financial
scary leverage clown show.
http://www.youtube.com/watch?feature=endscreen&NR=1&v=ynlW5_rnRVE
Neil Young - Tell Me Why (1970)
Off topic notice: GM halting Volt production (Marketwatch, Reuters, WSJ)... so sad, it's almost funny. Can I go down to my local IRS office and get a tube of KY for all the screwing me as a taxpayer is taking for all this forced Green butt rape???????
Thank God we have Ethanol subsidies as back-up!!!
thanks, Z_guy!
after yesterday's GM troll-fest we need a good laff!
listen: that "black" licorice candy we get? if you eat about 3 ounces, you can actually shit green!
GM Halting VOLT Production
because they catch fire, at their discretion.
Oooppppppppppps, there goes the house and family.
Dow walked the plank of statistical improbabilities again today closing .02 from its open. Pretty scary stuff.
spain's announcement happened in real time '6:40AM'...
...seems like just yesterday...
yes, germany is in an "intolerant mood", too!
grrrrr!
I've posted this in a previuos article here at ZH, the black swan is the exit of Germany from the EURO. I don't see any other alternative but to clear the board and start over with a political union first. Of course, provided they choose to do so.
This is the most power Germany has had since 1943. I doubt they will give it up.
Exiting will give them more and distance them from the US. Of course whatever happens will be "messy" to say the least.
I'm really getting sick of this bullshit. All of us people in the "real economy" are getting slaughtered and none of our elected officials will level with us and just lie lie lie lie lie and lie. Before long we'll have DowJones 36k and 50% of the fucking population in tent city. This needs to stop right now.
It was too late to stop even a couple of years ago.
At this point for the average person there is less suffering from kicking the can and hoping inflation helps solve the problem than any orher solution.
A deflationary collapse and extreme suffering and unemoloyment happen if we "stop right now."
Interesting thought, I don't think it will work though. I guess we'll find out lol.
Who will invest in these nations before they default?
Not me,hey Canada and norway arent in the fail group are they?
Other bankrupt nations. WITH YOUR MONEY!!!
It looks like 1 trillion isn't enough, next time we try harder: 100 trillions.
chrisMullen has his weekly data up: Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 3% on the Week
The commission says it wants to DISCOUNT double-check the numbers. But a senior source in Berlin puts it more bluntly: “Everybody knows the Spanish are lying about the figures.”
http://www.youtube.com/watch?v=j9Rv7czl9cU
We don't have to attempt to sabotage anything - the credit / oil / NG bubble did it for us.
Italy is very dependent on NG and NG is expensive over here.
www.iea.org/stats/pdf_graphs/ITTPESPI.pdf
Spain although less dependent on Gas then Italy because of its legacy Nuclear plants must import mostly very expensive LNG as it is isolated from the Northern European Gas pipeline system
www.iea.org/stats/pdf_graphs/ESTPESPI.pdf
Like Horseshoes & Hand Grenades....close is good enough.
Something is going down in Europe soon. The lies will stop when the one of the big liars gets strung up by a gang on the streets, cause at that point the rest of the liars will head for Uruguay.
bring back the Crusades!
The " Spanish are Flying", about the figures. We know, all too well what 25% unemployment breeds.
In Spain, everyone who should be working,but isn't is counted in calculating unemployment. Now imagine if the U.S. did the same?
it all sounds like a game of poker , (bluff sounds much nicer than lies )
How are Spanish citizens supposed to make informed and prudent personal financial decisions if their own government lies to them about important National economic statistics? I'd be really pissed off if I were a Spaniard and couldn't trust my own duly-elected government.
Mercy!! This is a close call for droll sarcastic wit or sheer stupidity. Milestones
The Spanish citizenry desperately need a wise and impartial analyst like Lawrence Yun to examine the National books and let them know precisely where they stand and what they can expect for future economic growth. Otherwise their critical personal financial decisions risk becoming a matter of garbage in, garbage out.
Off topic: Did you catch the latest numbers out of China? Looking good!
Dry. :)
So you put great faith in what Washington,D.C. and the BLS are telling us during this election year? What do you really think unemployent is in the U.S.?
So you put great faith in what Washington,D.C. and the BLS are telling us during this election year? What do you really think unemployent is in the U.S.?
No one new before science created an environment wherein deletarious genes became dominant that it would result in a NWO run by degenerate mutant mother f'rs.
The hell with US it's me from here on out.
Running another Bank Stress Test will stall market uncertainty. Pencil whipping aggressive stability by borrowing enough monies to cover interest payments + another 60 day slush fund overflow requirements, will be sold on your HD TV. The beat goes on! LOL
EBA – July 2011
In response to the ZH poster last evening, I'm indeed human.
Who would of thought, Basel III Accord would have backfired on Central Planners Think Tank checks & balances department?
Benny Hill and Monty Python are the directors of Basel 3.1. Posthumously.
Let´s bomb all PIIGS!
Let's force them to pay off their debts by giving us "pony rides" with rickshaws!
I lovez the smell of bacon in the morning....
I don't want to be a doomsayer but I think the only clear message from the
bankster oligarchs is that the 'real economy' is screwed. Not in theory, but for 'real'.
I don't think the upward funnel of money is going to stop. Who's there to stop it?
We are being pushed into life-changing choices. Whatever lifestyle you can secure
without the need for banks, loans, multi-national corporations or cash, that is the only
sustainable lifestyle we'll have left.
If you're not already, you gotta produce whatever things you can, and barter for the rest.
it's the only way to stop the money from funnelling upwards.
Your McJob is not gonna allow you to keep a middle class lifestyle, anywhere.
A scenario how things might start to unfold very soon with a critical poiint in May 2012 (EUR down, USDx up, Silver UP, DJIA UP, GOLD steady:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=36724#p36724